Te unrealized intercompany profit in the february 28 2006

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The unrealized intercompany profit in the February 28, 2006, end-of-fiscal year inventories of Samuel Company, the 80%-owned subsidiary of Phillip Corporation, was $10,000, based on billed prices of the merchandise received by Samuel from Phillip. If Phillip and Samuel file separate income tax returns, the criteria for recognizing a deferred tax asset without a valuation allowance are met, and the income tax rate is 40%, which of the following working paper eliminations (explanation omitted) is appropriate for Phillip Corporation and subsidiary on February 28, 2006?

Deferred Income Tax Asset¾Phillip 4,000
Income Taxes Expense¾Phillip 4,000
Deferred Income Tax Asset¾Phillip 3,200
Income Taxes Expense¾Samuel 3,200
Income Taxes Expense¾Phillip 4,000
Deferred Income Tax Liability¾Samuel 4,000
Income Taxes Expense¾Samuel 3,200
Deferred Income Tax Liability¾Phillip 3,200

Reference no: EM13610097

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